President Barack Obama plans to open talks over the tax component of the "fiscal cliff" by calling for $1.6 trillion in new tax revenue over the coming decade. Some are saying Obama's figure for additional taxes will be likely met with strong Republican opposition, as it is "double the amount proposed during failed closed-door talks with GOP leaders during debt negotiations in mid-2011."

LOS ANGELES (MarketWatch) -- President Barack Obama plans to open talks over the tax component of the so-called "fiscal cliff" by calling for $1.6 trillion in new tax revenue over the coming decade, according to reports late Tuesday. The Wall Street Journal and Washington Post reported separately that Obama's figure for additional taxes is likely to meet with strong Republican opposition, as it is double the amount proposed during failed closed-door talks with GOP leaders during debt negotiations in mid-2011. Rather, the $1.6 trillion is based on Obama's most recent budget proposal, the reports said. The Washington Post also quoted Republican Senate Minority Leader Mitch McConnell as saying Obama shouldn't overplay his hand, as the budget proposal in question failed to gain any votes in Congress when it was issued this spring. Reuters quoted McConnell as saying Republicans were "not about to further weaken the economy by raising tax rates and hurting jobs."